Whitebread Annual Update

Germany: A compelling proposition in a highly attractive market Market is 40% larger than the UK A HIGHLY ATTRACTIVE MARKET - OPPORTUNITY TO REPLICATE UK SUCCESS Greater demand for short-stay domestic Prime locations 37 operational hotels in 19 cities and towns travel Pre-COVID budget branded RevPAR growth higher than UK COMPELLING CUSTOMER PROPOSITION Great value Budget price range Highly fragmented market: 72% independents in long term decline 11 Structural barriers to entry exists for franchise operators High quality Replicating the leading quality of our UK hotels moin! Significant opportunity to acquire assets with attractive long-term returns Broad appeal Business and leisure guests WHITBREAD

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